Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the... more +

Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process. less -

In re Estate of House, 2014 Wash. App. LEXIS 3006 (Wash. Ct. App. 2014) -
A release waiving any and all claims that the parties may have or may acquire, bars recovery for unknown claims existing at the time the release...more

Income Tax Considerations of Estate Planning Are More Important Than Ever -
Gifting assets during life will reduce the size of your taxable estate at death and, correspondingly, reduce your estate tax liability. But with...more

To what legal standard must a trustee adhere when he or she also participates in the control of a family or closely held business? Courts continue to grapple with this question. The high courts in both Georgia and Nebraska...more

In the current economic environment, IRS-prescribed monthly interest rates for certain intra-family transactions are at historic lows. As a result, an excellent opportunity exists to transfer wealth to lower generation family...more

Because the gift and estate tax exemption is at a record high of $5.43 million for 2015, many people have shifted their focus from estate planning to income tax planning. An understanding of basis — and the benefits of the...more

The Iowa Legislature just passed House File 661, which was proposed by the Probate and Trust Law Section of the Iowa State Bar Association and supported by the Iowa Academy of Trusts and Estates Lawyers. ...more

When you’re preparing a will or trust for someone for whom capacity might later be raised as an issue, you have a potentially powerful tool that can help avoid later disputes: video. There’s nothing like a judge seeing a...more

Even though one may appoint a trustee to oversee distribution of a trust’s assets, it’s possible to go a step further by appointing a trust protector. This person will serve as an overseer of the trustee’s actions. Taking...more

Estate planning has received some recent media coverage with the deaths of celebrities such as Robin Williams, James Gandolfini, and Philip Seymour Hoffman. In the case of James Gandolfini, the coverage focused on his failure...more

Affluent families who wish to give to charity while minimizing gift and estate taxes should consider a charitable lead trust (CLT). These trusts are most effective in a low-interest-rate environment, so conditions for taking...more

In This Newsletter:
- The Crummey trust: Still relevant after all these years
- Now’s the time for a charitable lead trust
- Good intentions: Don’t let asset transfers run afoul of the law
- Estate Planning...more

Overview -
I have to admit that I was a pretty good high school Latin student. In fact it may have been my best subject. When I got to West Point, I was in for very rude awakening. Not only did I realize too late that...more

In 2006, Fred Houston created the Fred L. Houston Trust and placed into it the Tenneco lease, which had been producing since 1974. Ms. Williams was the trustee. The trust instrument declared the trust “… irrevocable and may...more

With another tax season recently behind us, the Internal Revenue Code and its many reporting requirements are fresh in our minds. Do you encounter beneficiaries who want to know why you need so much of their personal...more

In This Issue:
- A Contrarian View on Bypass Trusts
- Getting More Out of Trusts: The Total Return Unitrust
- Estate Planning for Your Eighteen Year Old: What You Need to Do Now May Surprise You
-...more

Trusts have become a basic tool in estate planning. Virtually every trust provides for the distribution of income to the current beneficiary, either mandatory or in the trustee’s discretion. The reasons for this vary. In a...more

There are a number of good reasons to consider using a standard revocable trust, including minor children, spendthrift credit protection and to ensure funds go as you intended (i.e. a second marriage situation). However, a...more

Upon the death of wife, wife’s assets were supposed to be divided into two marital deduction trusts and a bypass family trust. An estate tax return was filed, and an estate tax deduction was taken for the transfer that was...more

In March, the Department of Treasury issued the administration's 2015 fiscal year revenue proposals for the federal government. Those proposals are described in General Explanations of the Administration's Fiscal Year 2015...more

Delaware has a rich history of providing guidance and innovation in corporate law and trust matters and to that end has become a jurisdiction of choice for the creation and migration of trusts. Recently, Delaware's Court of...more

When a trustee is sued for breach of trust and claims against his professional indemnity insurers, questions often arise as to the extent to which the trustee must first pursue any other rights of indemnity (for example...more

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